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Allens acts for Goodman in formation of partnership with China Investment Corporation

17 June 2009

Allens Arthur Robinson (Allens) has acted for long-standing client Goodman Group (Goodman), the international integrated property group, in the formation of a partnership with China Investment Corporation (CIC).

The transaction – announced on 16 June 2009 – involves CIC committing A$200 million to a finance facility alongside Macquarie Bank (Macquarie), which takes the overall finance facility to A$485 million. Goodman has also agreed, subject to security holder approval, to issue to the facility providers 255.3 million options over Goodman stapled securities.

Goodman and CIC have agreed to work in good faith towards a broader relationship between the two groups.

The Allens team advising Goodman was led by Partners Stuart McCulloch and Nicky Andrews, and Lawyers James Clifford and William Kim.

'After working with Goodman for a number of years, the team was very pleased to help our client again as they enter into this significant agreement for the organisation, which provides Goodman with additional liquidity headroom and means all calendar year 2009 commitments can be repaid in full from available facilities,' said Mr McCulloch.

'This transaction is notable as it is the first major partnership between an Australian listed property trust and Chinese interests.

'Goodman will also be able to capitalise and benefit from further opportunities as a result of this strategic relationship,' added Mr McCulloch.

Allens also acted for Macquarie (Partners Alex Ding and Richard Gordon and Senior Associate Nick Adkins).

Ends

Allens legal team Corporate: Stuart McCulloch (Partner – Sydney), James Clifford (Lawyer – Sydney)

Financial Services & Projects: Nicky Andrews (Partner – Sydney), William Kim (Lawyer – Sydney)

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Notes for editors.

Allens Arthur Robinson has staff in 14 cities and eight countries across the Asia Pacific.